BlackRock Advisors LLC reduced its position in shares of The Cheesecake Factory Inc. (NASDAQ:CAKE) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 183,441 shares of the company’s stock after selling 802 shares during the period. BlackRock Advisors LLC owned 0.40% of The Cheesecake Factory worth $8,831,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. UBS Asset Management Americas Inc. boosted its stake in shares of The Cheesecake Factory by 615.9% in the first quarter. UBS Asset Management Americas Inc. now owns 340,639 shares of the company’s stock worth $18,084,000 after buying an additional 293,054 shares during the period. State Street Corp boosted its stake in shares of The Cheesecake Factory by 1.3% in the first quarter. State Street Corp now owns 1,511,119 shares of the company’s stock worth $80,223,000 after buying an additional 19,751 shares during the period. M&T Bank Corp bought a new stake in shares of The Cheesecake Factory during the first quarter worth $209,000. Landscape Capital Management L.L.C. bought a new stake in shares of The Cheesecake Factory during the first quarter worth $1,493,000. Finally, Bessemer Group Inc. boosted its stake in shares of The Cheesecake Factory by 2,510.0% in the first quarter. Bessemer Group Inc. now owns 2,610 shares of the company’s stock worth $139,000 after buying an additional 2,510 shares during the period. Hedge funds and other institutional investors own 89.48% of the company’s stock.
The Cheesecake Factory (NASDAQ:CAKE) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.71 by $0.07. The firm earned $558.86 million during the quarter, compared to the consensus estimate of $562.96 million. The Cheesecake Factory had a return on equity of 22.04% and a net margin of 5.81%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 earnings per share.
Several analysts have recently commented on CAKE shares. Stifel Nicolaus cut The Cheesecake Factory from a “buy” rating to a “sell” rating and decreased their target price for the stock from $65.00 to $43.00 in a report on Tuesday, July 26th. Zacks Investment Research upgraded The Cheesecake Factory from a “sell” rating to a “hold” rating in a report on Monday, July 25th. Canaccord Genuity assumed coverage on The Cheesecake Factory in a research note on Monday, August 22nd. They set a “hold” rating and a $54.00 target price for the company. Robert W. Baird reissued a “neutral” rating on shares of The Cheesecake Factory in a report on Thursday, September 8th. Finally, Barclays PLC lifted their price target on The Cheesecake Factory from $53.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $54.73.
In other news, CFO Doug Benn sold 6,512 shares of the stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $53.00, for a total value of $345,136.00. Following the completion of the sale, the chief financial officer now directly owns 51,344 shares of the company’s stock, valued at $2,721,232. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.50% of the stock is owned by insiders.
The Cheesecake Factory Company Profile
The Cheesecake Factory Incorporated is engaged in the restaurant and bakery business. The Company operates approximately 200 Company-owned restaurants, including approximately 190 restaurants under The Cheesecake Factory mark and approximately 10 restaurants under the Grand Lux Cafe mark. The Company’s segments include The Cheesecake Factory restaurants, and other, which includes Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing.
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